It has emerged that 12 properties under the Menzies Hotels brand have been taken out of administration by investment firm The Topland Group.
Having been sold over the original asking price of £80 million, the 12 hotels are Aberdeen Airport, Birmingham, Bournemouth (Carlton), Bournemouth (East Cliff Court), Cambridge, Derby, Glasgow, Irvine, London Chigwell, Stourport, Stratford-upon-Avon and Woburn. The venues had been put up for sale in the summer after Menzies went into administration in May. The other three hotels in the company's 15-strong portfolio, in Gatwick, Swindon and Luton, have now closed.
The 12 sites will now be managed by Bespoke Hotels and it will be good news for those who worked for the business, as a selection of hospitality jobs will now be opened again. Rob Croxen, partner at KPMG and joint-administrator, said: "We have worked closely with stakeholders to secure the best possible outcome for creditors. After reviewing a number of options, it became clear that a pre-pack sale of the business and the freehold properties would provide the greatest return to creditors, while also preserving the majority of jobs across the business."
Mr Croxen did add that for employees who have been affected, KPMG will be working with them when claiming compensation from the Redundancy Payments Office.
This news comes just a year after Menzies invested around £7 million into its four-star properties, including £2.2 million being injected into its flagship Welcombe hotel, spa & golf club in Stratford-upon-Avon.
The sale was carried out by Christie & Co, which is also planning to bring in new hotel opportunities to the property market early next year. All of this points to the UK hotel market gathering pace towards a speedy recovery after five years of stagnation.
Berkeley Scott is a specialist recruitment agency providing hotel management solutions.